The following Personal Tax guidance note by Tolley provides comprehensive and up to date tax information covering:
From 17 July 2014, HMRC can issue notices requiring taxpayers to amend their Tax Returns where:
FA 2014, ss 204-205
The penalties for failing to amend the Tax Return following receipt of a notice can be as much as 50% of the tax at stake and will apply in addition to any other penalties due up to a maximum of 200% of the tax (higher maximum percentages apply where an offshore matter is involved). For more on offshore matters, see the Penalties for offshore matters guidance note.
The taxpayer must decide whether he should:
If the taxpayer takes the second option he will have to pay not only the tax but also a penalty of up to 100% of the tax (higher if there is an offshore element involved) if he:
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